03-02 Business and Immigration

Who is known for their wealth in the steel industry?

• John D. Rockefeller

• Cornelius Vanderbilt

• Andrew Carnegie

• Henry Ford

By 1901, Andrew Carnegie was producing more of what than Britain?

• Coal

• Iron

• Steel

• Textiles

What is the term for buying out suppliers to control production costs?

• Vertical integration

• Horizontal integration

• Diversification

• Globalization

What is the effect of vertical integration on selling price?

• It increases

• It decreases

• It remains the same

• It doubles

What university did Leland Stanford create?

• Harvard University

• Stanford University

• Yale University

• Princeton University

What is a key advantage of corporations?

• Unlimited liability

• Limited liability

• No liability

• Personal liability

What is at the bottom of the corporate structure?

• Shareholders

• Board of Directors

• CEO

• Workers

Which business strategy involves merging with competitors to increase market share?

• Franchising

• Vertical integration

• Horizontal integration

• Monopolization

Who was a prominent figure in the oil industry known for establishing a monopoly?

• Andrew Carnegie

• John D. Rockefeller

• Henry Ford

• J.P. Morgan

What is the primary benefit of horizontal integration for a company?

• Increased production costs

• Enhanced product diversification

• Reduced competition

• Improved supplier relations